Bticoin Gaining Attention as an Alternative Asset Class. Rick Rule of Sprott Asset Management Discusses Bitcoin as a Currency
Bitcoin continues to make gains in notoriety even amongst the titans within the hard asset community. While most precious metals anaylists are still specultation as to the future of bitcoin, there are some that see its potential.
Gold Silver Bitcoin caught up with Rick Rule to get his opinion of Bitcoin at the recent Cambridge California Resource Convention hosted in Palm Springs,CA.
Rick Rule mentioned that he liked the idea of bitcoin because it was a decentralized, open-source currency that did not need a "monopoly on murder" to be accepted as currency.
The very nature of bitcoin means that it is a free exchange where people give it value based on its ease of transaction and built in scarcity. There is no need or ability for central planners to manipulate bitcoin in order to create artificial demand. It exists only because people trading within that market chose to accept it.
That bitcoin has no intrinsic value was a point of contention for Rick Rule. As he stated before, he likes the alternative currency of bitcoin, but as a lender he is unwilling to accept anything that has no other use, other that bits of information on a network somewhere.
For this reason Rick Rule still prefers gold, silver, platinum, and palladium for his wealth holdings.
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